SOUTH SOUND—The South Sound industrial real estate market is entering a period of transition, shaped by evolving economic conditions, shifting tenant preferences, and the return of trade policies that could have far-reaching consequences. Certain sectors—particularly manufacturing related to energy projects—are beginning to see renewed activity although vacancies are increasing, according to an analysis by Lee & Associates market analysis provided by Vanessa Herzog and Justin Froelich. Overall, the South Sound market is displaying subtle but…
Seattle Multifamily Investment Poised for Growth Amid Market Adjustments
SEATTLE—The Seattle multifamily housing market is navigating a period of transition, with key indicators pointing toward evolving investment strategies and steady demand shifts. According to the Lee & Associates Multifamily Investment Review, median rents across the Seattle-Tacoma-Bellevue Metropolitan Statistical Area (MSA) grew by 1.8 percent year-over-year in 2024, outpacing the national average increase of one percent. This growth, despite macroeconomic challenges, underscores the region’s persistent housing demand. Market fluctuations have impacted pricing trends across different…
LEE & ASSOCIATES | PACIFIC NORTHWEST EXPANDS MULTIFAMILY TEAM WITH SARA ENSLOW BAGO, MSRE
December 12, 2024 (Bellevue, WA) – Lee & Associates, the largest broker-owner commercial real estate firm in North America, proudly announces the addition of Sara Enslow Bago, MSRE, to its Multifamily Team. This strategic expansion underscores the company’s commitment to providing innovative investment sales solutions. With over 15 years of experience in commercial real estate and finance, Sara brings a wealth of expertise from local and multinational real estate lending institutions. A Puget Sound native,…
Historic 1102 Broadway Achieves Full Occupancy as Tacoma Office Market Strengthens
TACOMA, WA (November 1, 2024) — Lee & Associates announced today that 1102 Broadway has reached 100% occupancy following seven new lease signings in the past six months, highlighting strong demand for premium office space in downtown Tacoma’s thriving market. The latest wave of leasing activity includes the highly anticipated relocation of the popular dining and happy hour spot, Wooden City, which will occupy prime street-level space. Additional new tenants include Fox Ballard PLLC, environmental…
DAEDONG-USA SIGNS LEASE FOR 149,340 SF WAREHOUSE IN TUMWATER
November 7, 2024 (Bellevue, WA) – Lee & Associates, the largest broker-owned commercial real estate firm in North America, is pleased to announce the successful lease of a 149,340-square-foot warehouse, along with three acres of secured auxiliary yard/parking, at Tumwater Corporate Center in Tumwater, WA. The tenant, Daedong-USA, Inc., a leading Korean tractor manufacturer, will use the facility to distribute products under its Kioti brand, imported through the Northwest Seaport Alliance’s North and South bays….
Lee & Associates Brokers Largest Pierce County Office Lease of 2024
July 11, 2024 (Tacoma, WA) – Lee & Associates Commercial Real Estate Services is pleased to have brokered the lease of 1305 Tacoma Avenue, located in Tacoma, WA on behalf of their clients, 1305 Tacoma Building LLC and Dungarvin Washington Supported Living, LLC. Dungarvin signed a lease for 18,296 SF at 1305 Tacoma Avenue starting October 1, 2024. It will be relocating from 20,150 SF at its current location, 8815 South Tacoma Way in Lakewood, WA….
Pacific Northwest Market Updates – June 2024
PACIFIC NORTHWEST INDUSTRIAL MARKET Industrial markets in the Pacific NW are adjusting to new parameters but remaining steady. Vacancy rates are hovering around 7% in the 6-county region along the I-5 corridor (Arlington to Vancouver, WA). Leasing activity slowed in the first quarter but started picking up as we progress through the second quarter. New construction is active with permitted projects, but the regional project pipeline is diminishing, not due to demand, but due to…
EV maker Rivian leases South Sound warehouse
May 1, 2024 – Tacoma, WA – Electric vehicle maker Rivian Automotive Inc. (Nasdaq: RIVN) leased a 54,000-square-foot industrial building at 1323 34th Ave. E. in Fife last week. The move was announced by Vanessa Herzog of Lee & Associates, who helped broker the deal on behalf of the building’s owner, industrial real estate investor Berkeley Partners. It is not clear how Rivian will use the space, though the company’s website shows a service center is coming…
Case Study – Ballard 5-Unit
Key Deal Points 1541 NW 52nd St, Seattle Seller Financing Terms: 5% Interest 3-yr IO, 25% down 5-unit with all two-bedrooms Sale Price $1.875M 08% Cap Rate Represented Seller I highly recommend Candice Chevaillier, CCIM and her team, at Lee & Associates. They are professional as well as extremely knowledgeable of the current trends, and with experience. With very creative thinking, they were able to create a plan to help sell our building at the…
Another Major Tenant In Downtown Tacoma: New Key Office Sublease At 1498 Pacific Avenue
November 14, 2023 – Tacoma, WA – Lee & Associates is pleased to announce the successful facilitation of a 19,908 square foot office space sublease at 1498 Pacific Avenue, Tacoma. Harrison Laird and John Bauder, representing Sound Physicians, have effectively brokered this sublease to Milgard Manufacturing. The lease is scheduled to begin on February 1, 2024. 1498 Pacific, a Class A office building located in the heart of downtown Tacoma, was recently acquired by private…